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GCC studies Monetary Council plan

The Gulf Cooperation Council (GCC) will propose establishing a Monetary Council after the region's plan to adopt a single currency is ratified by three national parliaments.

  • Bloomberg
  • Published: 00:02 September 14, 2008
  • Gulf News

Dubai: The Gulf Cooperation Council (GCC) will propose establishing a Monetary Council after the region's plan to adopt a single currency is ratified by three national parliaments.

The plan will be put forward at a meeting of central bank governors and finance ministers on September 15-17, Nasser Al Kaud, deputy assistant general for economic affairs at the GCC Secretariat, said in a telephone interview from Riyadh on Saturday.

The council would be a precursor to a central bank for the region, deciding the value at which the Gulf currencies should enter the single currency and harmonising monetary policy.

"We are suggesting it; I am not sure if they will agree," said Al Kaud. "It may help start the council sooner."

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